Primi sui Motori

24/04/2012

On 24 July 2012 Primi sui Motori was admitted to listing on the AIM Italia market by Borsa Italiana. Integræ SIM is a Nomad and Global Coordinator of the operation. The collection of 3.51 million Euros through placement. The operation represented a partial ‘Exit’ of the Private Equity Equilybra Capital Partners Fund (shareholder of the Issuer since 2009). The company, on the first day of negotiating, closed at a price of about Euro 25 with a +13.6% compared to the placement price. For the second time (the first time was the Frendy Energy operation) in the history of the “unregulated” market reserved for small and medium-sized enterprises, subscriptions were collected from a panorama of investors comprising primary funds and institutional investors.

The placement price is equal to € 22.00.

Taking advantage of the legislation introduced by the “Development Decree” of 2012, Integrae assisted Primi sui Motori, a company listed on the AIM Italy market, leader in Italy in search engine positioning (SEO) services, in the structuring of the “mini-bond” “Primi sui Motori 9% 2013-2016” negotiated on the EXTRAMOT market managed by Borsa Italiana. The issue of a maximum of Euro 3 million, unrated, with a three-year duration, an annual coupon of 9%, and full repayment at maturity was subscribed by institutional and retail investors during 2 successive bidding periods between July 2013 and December 2013.

Acquisition of 51% of 2ThePoint PSM S.r.l. and Crearevalore S.p.a, two important companies operating in web marketing. These operations allow Primi sui Motori to strengthen its leadership in a market that is currently growing strongly, presenting itself to all the different targets of companies with a complete range of communication, web, and digital marketing solutions.

The enterprise. Alessandro Reggiani started in 1998 with a software company called Syner.it Informatica oriented on SME clients. The company evolves from a system integrator to a web agency anticipating market needs and over the years invests more and more resources in the development of know-how in the field of Search Engine Optimization (SEO). In 2004, the Primi Sui Motori brand was created, which characterizes the positioning service carried out by the company, which is also being used by several web agencies that distribute it to their clients throughout Italy.

Ultima Ricerca Primi sui Motori

BREAKING NEWS

In the press release dated 23 January 2026, Marzocchi Pompe SpA, an Italian company engaged in the design and manufacturing of high-performance gear pumps and motors for industrial, mobile, and automotive applications, reported selected preliminary consolidated figures for 2025.

FY25A consolidated net revenues amounted to € 37.14 million, down 7.2% versus € 40.04 million in FY24A, but above our FY25E forecast of € 35.00 million. On the one hand, the result mainly reflects the slowdown in the industrial sector across the Group’s two key end markets, Europe and North America. On the other hand, the Group was able to mitigate the negative impact of these adverse sector dynamics thanks to its focus on product innovation and customization, as well as the cost-containment actions implemented during the year, ultimately delivering a recovery in the final part of the year, with revenues accelerating by +11.6% compared to Q4 2024.

The revenue mix confirms the centrality of the core business, which increased to 86.2% of total sales (from 85.0% in 2024), with revenues of € 32.03 million (-5.9% vs € 34.03 million in 2024). Automotive remained broadly stable at 13.8% (from 15.0% in FY24A), with revenues of € 5.10 million, down 14.9% versus € 6.01 million in 2024, due to the structural weakness of the sector at a global level and the end of the life cycle of certain products linked to the two main customers.

From a geographical standpoint, the domestic market increased to 31.8%, while the export share remained high at 68.2%, with North America accounting for 24.4%, confirming its strategic relevance despite a less supportive demand environment. This dynamic points to a still robust balance between a solid international footprint and a gradual relative strengthening of Italy, in a year in which commercial resilience was challenged by the cyclicality of end markets.

On the financial side, at year-end 2025 net financial position (including restricted deposits with three- and six-month maturities) stood at € 7.70 million, up 34.0% compared to € 5.80 million as of 31/12/2024, and broadly stable versus 30/06/2025 (also € 7.70 million). As noted in our previous update, the first half of 2025 included investments of approximately € 1.90 million for new assembly and testing lines for pumps and motors of the Elika 1P and Elika 2 families in Zola Predosa; these were complemented by additional cash outflows of approximately € 1.00 million in the second half of the year related to the workforce reduction process completed during the period.

The Group continues to focus on ongoing product innovation and customization (also as a defensive lever throughout market cycles). In January 2026, Marzocchi Pompe announced that the Ufficio Italiano Brevetti e Marchi del Ministero delle Imprese e del Made in Italy (UIBM) granted a new patent for the reversible version of the Elika family pumps. This new pump type represents a meaningful technological evolution compared to the Elika pumps and motors currently in the portfolio (to date designed to operate in a single direction of rotation, clockwise or counterclockwise), as it features an architecture capable of ensuring higher volumetric efficiency, reduced pulsations, lower noise, and better suitability for bidirectional operating cycles, making it particularly suitable for advanced applications. Looking ahead, the commercialization of this new product sub-family may represent an additional revenue stream for the Group, as it addresses the needs of fast-growing global segments such as construction machinery and public transportation, both hybrid and electric.

In summary, although 2025 remained influenced by a challenging macroeconomic backdrop, the preliminary figures indicate a revenue profile better than our expectations, with particularly encouraging signs in the final part of the year. Accordingly, taking into account the information disclosed in the press release, we confirm our recommendation: target price € 5.20, rating BUY, risk Medium.